IA organizes a seminar on the legal principles in insurance for members of the judiciary in Abu Dhabi

: 4/10/2016

IA organizes a seminar on the legal principles in insurance for members of the judiciary in Abu Dhabi

 

Abu Dhabi, 10 April 2016

The Insurance Authority (IA) organized the first seminar for members of the judiciary in Abu Dhabi under the title of "Legal Principles and Technical Rules of Insurance" at the headquarters of Abu Dhabi Judicial Academy.

The seminar, which forms a part of a specialized and joint seminars’ program between the Insurance Authority and members of the judiciary in the emirate of Abu Dhabi, was attended by about 30 judges, counsels and prosecutors, as well as a number of employees of the Authority and the Judicial Department in Abu Dhabi.

During the opening ceremony, Dr. Ahmed Mohammed Hassan Rashidi, Director of Abu Dhabi Judiciary Academy, extended thanks and appreciation to the Insurance Authority for organizing this seminar, which contributed to enhancing the cognitive awareness on the legal and technical aspects of the insurance business.

In their turn, the experts of the Insurance Authority delivered a detailed presentation on the role of the Authority in regulating and monitoring the insurance business in the State in addition to certain illustrative information on the local insurance market.

The illustrative presentations reviewed several legal principles and technical rules that govern the insurance operations by addressing the general legal framework for the insurance contract in the UAE and the laws and regulations governing the work of professions related to insurance and the difference between traditional insurance, cooperative insurance, and Takaful insurance.

The seminar also reviewed the basic legal principles of insurance, which are:  the principles of maximum good faith, insurance interest, arbitrary conditions, compensation, and remedies, as well as reviewing the legal principles of the insurance contract, technical rule for insurance operations represented in the risks, the insurance premium and how it is calculated, and the allocation of technical provisions and how to extract compensation rate.

The seminar also addressed aspects related to reinsurance from a legal perspective as the re-insurance contract is a separate and independent contract, and there is no legal relationship between the Insured and the re-insurance company.

At the conclusion of the seminar, in-depth legal discussions were held among the participants about the detailed legal aspects of the insurance operations.  Such discussions contributed to the enrichment of the seminar and to instilling legal knowledge and awareness.

On their part, the participants expressed their thanks and appreciation to the Insurance Authority for organizing this introductory seminar, which contributed to enhancing cognitive and educational awareness in all aspects of insurance.

The participants commended the role of the Authority in developing the performance of the Insurance Sector and its permanent endeavor to strengthen the local market regulation by issuing insurance legislation, updated and sophisticated regulations in this area.

End

 

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